By Adriano Marchese
Rogers Communications Inc. on Wednesday reported a 10% fall in first-quarter profit and said it would withdraw 2020 guidance given the uncertainty around the coronavirus pandemic.
The Canadian telecom company earned a net profit of 352 million Canadian dollars ($248 million), or C$0.68 a share, compared with C$391 million, or C$0.76, for the same period last year. Excluding items, Rogers reported an adjusted profit of C$0.71 a share for the quarter, compared with C$0.78 last year and analysts' forecasts of C$0.79.
Total revenue fell to C$3.42 billion from C$3.59 billion, largely driven by a 17% decrease in wireless equipment revenue, the company said.
Rogers began to see the impact of the pandemic in the final few weeks of the first quarter, President and Chief Executive Joe Natale said. The company has adapted its operations to continue delivering critical services to meet the evolving needs of its customers, he said.
Network traffic rose more thqan 50% as businesses and consumers shifted to working, learning and socializing from home, the company said.
Write to Adriano Marchese at email@example.com
(END) Dow Jones Newswires
April 22, 2020 07:53 ET (11:53 GMT)Copyright (c) 2020 Dow Jones & Company, Inc.